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Der EZB-Blog

Zentralbankpolitik und Wirtschaft aus europäischer Sicht

Der EZB-Blog liefert neue Erkenntnisse zur Wirtschaft und Zentralbankpolitik auf der Grundlage unserer Daten, Analysen und Forschungsarbeiten zum Eurogebiet und anderen Wirtschaftsräumen. Verfasst werden die Blog-Beiträge von Mitarbeiterinnen und Mitarbeitern der EZB sowie Mitgliedern des Direktoriums.

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10 July 2024

The geopolitics of green minerals

The green transition will significantly increase demand for key minerals over the coming decades. The impact on energy prices will ultimately depend on how supply adjusts. The ECB Blog looks at the geopolitical risks involved.

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4 July 2024

How euro area firms’ inflation expectations affect their business decisions

Firms’ inflation expectations are key for monetary policy makers. The ECB Blog presents new survey data on these expectations, evidence on what influences them, how they change when new information becomes available, and if they matter for the plans and choices firms make.

27 June 2024

Mind the gap: Europe’s strategic investment needs and how to support them

Europe needs trillions of euros to manage climate change, become digital and defend itself. How can EU and national policymakers support these projects? This Blog post discusses the options in times of low growth and high public debt levels.

25 June 2024

Maintaining the freedom to choose how we pay

A digital euro would combine the convenience of digital payments with cash-like features. ECB Executive Board member Piero Cipollone explains how a digital euro would enhance Europeans’ freedom of choice when deciding how to pay.

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18 June 2024

How banks deal with declining excess liquidity

With the reduction of the Eurosystem’s balance sheet, central bank liquidity is declining. As liquidity is unevenly distributed among banks, an effective redistribution and use of market funding are essential. This worked well so far, with limited recourse to Eurosystem’s refinancing operations.

13 June 2024

Making the digital euro truly private

Many people appreciate privacy when paying, and want their data protected. Current electronic means of payment are not optimal in this regard. We are designing the digital euro to be the most private electronic payment option. The ECB Blog explains.

12 June 2024

Why Europe must safeguard its global currency status

More reforms are needed if the euro is to maintain and strengthen its role amid geopolitical shifts. Europe needs to further develop the infrastructure for making cross-border payments in euro with key partners.

8 June 2024

Why we adjusted interest rates

The ECB has cut interest rates. President Christine Lagarde explains why and sets out what still needs to be done to bring inflation back to 2% over the medium term.

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23 May 2024

Tracking euro area wages in exceptional times

Negotiated wage growth in the euro area increased in the first quarter of 2024. This post on The ECB Blog illustrates how the ECB wage tracker can help to put latest developments in negotiated wage growth into perspective.

22 May 2024

The ABCs of the ECB’s reaction function

Why do central banks mostly give their guidance for future monetary policy in qualitative terms rather than providing a numerical formula? The ECB Blog takes a look through the lens of the “ABCs” of the ECB’s qualitative reaction function.

15 May 2024

Consumer credit: Who’s applying for loans now?

Despite rising interest rates, more consumers are applying for loans. This demand comes mainly from households with lower income. The ECB Blog takes a closer look into credit applications and how they affect banks’ credit standards and credit issuance to households.

6 May 2024

Low for long? Reasons for the recent decline in productivity

Surprisingly strong employment growth in an environment of weak economic activity has recently led to declining labour productivity in the euro area. The ECB Blog discusses causes and prospects for a cyclical recovery in productivity growth.

2 May 2024

Closing the blinds on banks’ window dressing

Some banks reduce balance sheet items around reporting dates. Such “window dressing” camouflages the true risks of a bank, impairs markets as well as bank resilience and supervision. The ECB Blog looks at how regulators and supervisors are taking action.

18 April 2024

Improved data: how climate change impacts banks

We updated our data on the impact of climate change on the financial system. How green are green bonds and banks’ loan portfolios? How strongly could they be affected by natural hazards? The ECB Blog discusses these and other new insights from the data.

3 April 2024

Fiscal and monetary policy: debating optimal interactions

Governments and central banks can shield the economy from shocks with their decisions. The ECB Blog looks at a recent high-level conference that analysed the interaction of fiscal and monetary policy and questioned some long-held beliefs.

22 March 2024

Who buys bonds now? How markets deal with a smaller Eurosystem balance sheet

The Eurosystem is shrinking its balance sheet, which makes more government bonds available for purchase. The ECB Blog looks at how markets are adjusting to this new situation with regard to bond price volatility, liquidity and the impact on repo markets.

14 March 2024

The “art” of central banking on screen

Central banks have been collecting art for a long time. While the works were previously only accessible at their physical locations, more and more central banks now make their collections available online. The ECB Blog showcases four collections you can enjoy from wherever you are.

11 March 2024

The 2021-2022 inflation surges and monetary policy in the euro area

In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this post on The ECB Blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by the ECB in response to these extraordinary inflation shocks.

22 February 2024

ETF approval for bitcoin – the naked emperor’s new clothes

Bitcoin has failed on the promise to be a global decentralised digital currency. Instead it is used for illicit transactions. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.

19 February 2024

Digital euro: Debunking banks’ fears about losing deposits

Many banks worry their customers might withdraw deposits to hold digital euro instead. These fears are misplaced: a digital euro will be designed as a means of payment and not for investment, argue ECB Executive Board member Piero Cipollone, Ulrich Bindseil and Jürgen Schaaf.

13 February 2024

The dynamics of PEPP reinvestments

When reading data on reinvestments under the pandemic emergency purchase programme (PEPP) one needs to understand how we implement purchases. Director General Market Operations Imène Rahmouni-Rousseau and Executive Board member Isabel Schnabel explain how to avoid pitfalls.

8 February 2024

Added Scope: Eurosystem accepts a fifth rating agency

The Eurosystem has accepted Scope as a new rating agency alongside Fitch, Moody's, S&P and DBRS. This has a number of implications, including a wider range of credit opinions and expertise being considered for monetary policy purposes. The ECB Blog explains.

29 January 2024

Learning from crises: our new framework for euro liquidity lines

The ECB can lend euro to non-euro area central banks to reduce the risk of financial stress spilling over to the euro area. Piero Cipollone, Philip Lane and Isabel Schnabel explain how we have made such liquidity lines more effective and agile.

10 January 2024

Inflation in the eastern euro area: reasons and risks

Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the resulting risks and vulnerabilities.

30 December 2023

Euro at 25: the value of unity in a changing world

25 years ago, on 1 January 1999, the euro came into force as the single currency for 11 EU Member States. It now serves the economy and eases life for 350 million people in 20 countries.

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18 December 2023

The price of inaction: what a hotter climate means for monetary policy

The ECB’s primary mandate is to maintain price stability. So why do we talk so much about climate change? In this post on The ECB Blog, we show how a hotter climate affects prices and the economy and discuss how this impacts the task of central banks.

12 December 2023

Climate risks, the macroprudential view

Climate change can endanger financial stability. The ECB Blog looks at how a common macroprudential policy framework could complement microprudential initiatives to make the financial system more resilient.

6 December 2023

Green lending: do banks walk the talk?

Banks are talking more about the environment. But does such talk go hand in hand with greener lending? The ECB Blog finds a disconnect: banks talking more about their environmental policies and goals tend to lend more to brown industries.

4 December 2023

Climate scenarios: procrastination comes at high cost

Policy makers around the world need to move faster to reach net zero emissions by 2050. Latest scenarios are alarming as the foreseeable impact of climate change is worse than previously projected. This ECB Blog post discusses the risks of further delaying the green transition.

29 November 2023

Too leveraged to reduce emissions?

European firms need to invest in new technologies to reach carbon neutrality by 2050. This often requires them to take on debt. But what if a company is already highly leveraged? The ECB Blog looks at the relationship between firms’ indebtedness and their success in reducing emissions.

24 November 2023

Now is the time to climate-proof Europe’s economy

Europe must push the green transition forward if it wants to remain competitive in the world. New technologies and green energy aren’t just better for the environment, they also make good economic sense. To be successful, however, the transition needs to be just and inclusive.

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23 November 2023

Fiscal policy to the rescue: How governments shielded households from inflation

With rising inflation, people need more money to buy the same amount of goods. Governments can take measures to counteract this negative effect. The ECB Blog finds that recent euro area policies to support households were successful at first – but also very costly.

15 November 2023

Who asks what at the ECB press conference

When given the chance, what do media ask the ECB about? You might think journalists focus purely on core monetary policy topics, but the reality is more varied, and who is asking plays a role. Here is what we find, and why it matters for the central bank.

8 November 2023

Record labour participation: workforce gets older, better educated and more female

More people than ever are in a job or are looking for one – labour force participation in the euro area is at an all-time high. This week, The ECB Blog looks at who the new workers are and discusses changes in labour force demographics over the last two decades.

2 November 2023

Excess savings: To spend or not to spend

During the pandemic many people put more money aside than usual. So what is happening with these additional funds? The ECB Blog looks at which households built up excess savings and how they are using the money.

31 October 2023

Extending the benefits of digital technologies to cross-border payments

Making cross-border payments cheaper, faster, and easily accessible would bring huge benefits to businesses and households alike, especially in emerging markets and developing economies.

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11 October 2023

The euro area needs better structural policies to support income, employment and fairness

The euro area economy has recovered swiftly from the pandemic, supply bottlenecks and the energy price shock. But there is no room for complacency. Structural weaknesses are still a brake on income and productivity growth. Governments need to implement reforms to make European economies stronger and promote social fairness.

28 September 2023

Careful embrace: AI and the ECB

From playing chess to piloting drones – machines have become much smarter and play a role in many areas of our lives. So why not use artificial intelligence for central banking? We are currently using this new technology for some tasks and exploring its future use for others. The ECB Blog gives you an overview.

6 September 2023

Need for speed on the Road to Paris

Moving towards carbon neutrality as quickly and boldly as possible is by far the best way to slow down climate change. It may take more effort in the short run, but in the long run it will cost less overall, says ECB Vice-President Luis de Guindos. We need to reach carbon neutrality to avoid existential risks to nature, people and our economies. And we need to start making changes soon. Procrastinating may be easier and less costly today, but means we will pay a higher price tomorrow: the damage to our environment and economies from rising temperatures will be much more severe. In fact, the sooner and faster we complete the necessary green transition, the lower the overall costs and risks. This is one of the main outcomes of our second economy-wide climate stress test. Let me talk you through the findings.

30 August 2023

Europe needs to think bigger to build its capital markets union

With rising geopolitical tensions and urgent global challenges such as the climate and digital transitions, Europe needs to bolster its resilience to shocks and invest strategically. In order to achieve this, we need to work together, as a more integrated Europe is better positioned to realize shared goals in a fragmented global economy.

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24 August 2023

What makes a good banknote?

Our money needs to be easy to handle, appealing and difficult to counterfeit. This ECB Blog post talks you through good banknote design – and seeks your advice.

9 August 2023

How words guide markets: measuring monetary policy communication

Words matter as much as actions for central banks. Because changes in tone can presage shifts in monetary policy. We have created an index to measure and compare the tone of policy communication by the ECB and the US Fed. This ECB Blog post talks you through the findings.

2 August 2023

Banks need to maintain capital buffers to preserve resilience

Policymakers should focus on preserving bank resilience to strengthen macroprudential stability at a time of economic uncertainty. This would ensure that sufficient capital buffers are available should widespread losses arise, argues ECB Vice-President Luis de Guindos.

12 July 2023

Deglobalisation: risk or reality?

After decades of being both hero and villain, globalisation is said to be on the retreat. There is a common perception that companies are diversifying supply chains and relocating business closer to home. So, are we heading towards deglobalisation? We dig deeper and find that the data tell a different story.

5 July 2023

Why we need models to make projections

Central banks need to look ahead to make good decisions. Since we lack a crystal ball, economic models are the best tool available. They provide a test environment to craft and think through different scenarios. This ECB Blog post provides an overview of why, and how, we do this.

28 June 2023

Why Europe needs a digital euro

Contribution by Fabio Panetta, Member of the Executive Board of the ECB, and Valdis Dombrovskis, Executive Vice-President of the European Commission

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21 June 2023

More digital, more productive? Evidence from European firms

Digitalisation has boosted some European firms’ productivity, but many are still on the digital sidelines. That is a pity as faster digital adoption could make our economies much more productive. This ECB Blog post looks at where and how digitalisation can be a gamechanger.

8 June 2023

The economy and banks need nature to survive

Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB.

7 June 2023

More jobs but fewer working hours

Unemployment has declined since the peak of the pandemic in August 2020, hitting a record low this April. But while more people have jobs, they are working fewer hours on average. In this post for The ECB Blog we shed light on this dichotomy and why it matters for the overall strength of the labour market.

1 June 2023

Stop carbon leakage at the border

Can EU companies be both green and globally competitive? Tradeable allowances for carbon emissions set important price incentives for companies to become greener. Unfortunately, evidence shows that many companies move carbon intensive production to other regions, meaning their emissions leak abroad. This ECB Blog post investigates how the EU can strike a balance between green goals and competitiveness.

25 May 2023

How will higher carbon prices affect growth and inflation?

Carbon pricing is a central instrument in the EU’s fight against climate change, but it will also affect our economies. In this post on The ECB Blog, we use macroeconomic models to look at what higher prices for carbon emissions will do to growth and inflation.

24 May 2023

25 years of euro unity

The euro is more than a currency, says President Christine Lagarde. It is the strongest form of European integration and stands for a united Europe that works together, protecting and benefiting all its citizens. The ECB, with its commitment to price stability, will always be a cornerstone of that effort.

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19 May 2023

Anonymous Eurosystem leaks – minor nuisance or major problem?

At times, media reports on ECB monetary policy refer to information from unidentified Eurosystem sources. This ECB Blog post takes a closer look at such leaks. They tend to go against prevailing trends in short-term rates and can trigger major market reactions even though they are not generally informative about upcoming decisions.

9 May 2023

Diversity at the top makes banks better

Diversity is a matter of sound governance for banks and leads to better decision-making. That is why Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, and Elizabeth McCaul, Member of the Supervisory Board of the ECB, are encouraging banks to improve the diversity of their boards.

24 April 2023

What to do about Europe’s climate insurance gap

The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen.

19 April 2023

Welcoming Croatia to the family: what’s changed at the ECB?

Croatia officially joined the euro area on 1 January. A previous blog post discussed the many changes this heralded for the country. But the new arrival also changed certain aspects of how things work at the ECB, as shown in this ECB Blog post.

12 April 2023

A year of international trade diversion shaped by war, sanctions, and boycotts

Sanctions and voluntary boycotts have forced Russia to change its international trade since its invasion of Ukraine. The country has reoriented towards the east, away from Europe. This ECB Blog post sheds light on these shifts. It is the third entry in a series about the economic effects of the war.

30 March 2023

How tit-for-tat inflation can make everyone poorer

High energy prices have dented real incomes. How to allocate these losses is at the heart of recent negotiations between firms and workers. If both sides try to unilaterally offset any real income losses, this could trigger successive wage and price increases, and create risks of an upward spiral that could make everyone poorer.

29 March 2023

A problem shared is a problem halved – the benefits of private and public risk sharing

What is the best way to absorb economic shocks? Some approaches favour private risk sharing, others, public risk sharing. In this ECB Blog post we argue that a combination of both offers the best protection for European citizens against poor economic performance.

24 March 2023

How green is our balance sheet?

The ECB is for the first time disclosing the carbon footprint of its own investment portfolios and the Eurosystem’s corporate sector holdings. Executive Board members Frank Elderson and Isabel Schnabel explain the progress made and the next steps needed to decarbonise the portfolios of the ECB and the Eurosystem.

9 March 2023

Channelling Europe's savings into growth

Europe must speed up its green and digital transition. For that, we need to complete the Capital Markets Union to provide effective financing. This is the plea made by the five Presidents of the ECB, EIB, European Council, European Commission and Eurogroup in a joint post.

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7 March 2023

Has the euro changeover really caused extra inflation in Croatia?

Croatian consumers have expressed concerns about price increases related to the euro changeover. Preliminary evidence presented in this ECB blog post shows that the changeover from kuna to euro has so far had relatively little impact on Croatian consumer prices and price perceptions.

1 March 2023

Integrating Ukrainian refugees into the euro area labour market

Millions of Ukrainians were displaced by Russia’s unjustified war and have found refuge in the euro area. Many refugees want to work and thus increase the euro area labour force. This ECB Blog post updates previous calculations by considering novel information on the whereabouts and demographics of Ukrainian refugees.

24 February 2023

One year since Russia’s invasion of Ukraine – the effects on euro area inflation

Russia’s unjustified war against Ukraine and its people is first and foremost a human tragedy. It is also having an economic impact on Ukraine and beyond. This ECB Blog post – the first in a series about the economic effects of the war – focuses on inflation in the euro area.

15 February 2023

The opportunity Europe should not waste

Do the NextGenerationEU funds hold up to their promise to make Europe’s economies stronger and more resilient? Two years into the lifetime of the programme, this ECB Blog post assesses where governments stand and what risks there are for implementation.

6 February 2023

Cash or cashless? How people pay

The ECB has asked people in the euro area how they pay and which payment methods they prefer. The ECB Blog discusses our survey findings and what they mean for the future of cash and digital means of payment.

27 January 2023

Remembering the Holocaust: we owe it to the victims and to ourselves

The ECB’s main building in Frankfurt stands on a site linked to the atrocities of the Holocaust. On International Holocaust Remembrance Day, we affirm that tyranny and state injustice must never again prevail. Building European unity is a cornerstone of this commitment.

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18 January 2023

How high corporate debt stifles investment

Hit by multiple shocks, the corporate sector has increased its debt over recent years. The ECB Blog shows that strained balance sheets could significantly depress firms’ investment in the coming years with negative implications for innovation and growth.

5 January 2023

Caveat emptor does not apply to crypto

Trading in unbacked digital assets should be treated by regulators like gambling.

4 January 2023

Fiscal policy: from free to affordable lunch

Borrowing has become more expensive for governments. But despite rising interest rates, government debt can remain on a sound path. The ECB Blog discusses what constitutes a favourable balance between debt costs and economic growth.

20 December 2022

Are banks ready to weather rising interest rates?

The ECB has gauged bank resilience to interest rate shocks under different macroeconomic scenarios. ECB Vice-President Luis de Guindos and Chair of the ECB’s Supervisory Board Andrea Enria walk us through the findings.

30 November 2022

Bitcoin’s last stand

Amid the widespread fallout in crypto markets following the collapse of a major crypto exchange, The ECB Blog takes a look at where we stand with Bitcoin.

25 November 2022

Inflation Diagnostics

Identifying the medium-term inflation path in the current environment of high inflation, ongoing energy and pandemic-related shocks and the Russian invasion of Ukraine is a diagnostic challenge. In his ECB Blog post Philip R. Lane, Member of the ECB’s Executive Board, describes some of the key analytical issues involved.

18 November 2022

From “orderly transition” to “hot house world” – how climate scenarios can facilitate action

A shared understanding of how climate change affects the economy can be the basis for global action. To help inform and guide policy across the globe central bankers and supervisors have developed climate scenarios. This is the final post in a series on the occasion of COP27.

15 November 2022

Can Europe be a green innovation leader?

Europe is punching below its weight in the climate-technology competition. The continent needs to facilitate risk capital markets and to invest more in research and development. This is the 4th post in a series of climate-related entries on the occasion of COP27.

9 November 2022

Turning down the heat: how the green transition supports price stability

We need to intensify the greening of our economies despite the energy crisis. Hastening the process will reduce the costs of transition and help to ensure price stability in the long run. This is the third post in a series of climate-related entries on the occasion of COP27.

7 November 2022

Painting the bigger picture: keeping climate change on the agenda

If we do not account for the impact of climate change on our economy, we risk missing a crucial part in our work to keep prices stable, argues Christine Lagarde in the ECB Blog. This is the second entry in a series of climate related entries on the occasion of COP27.

4 November 2022

Strong rules, strong banks: let’s stick to our commitments

We need strong rules for strong banks. Basel III has what it takes. But planned EU laws might fall behind international standards, write ECB Vice-President Luis de Guindos, ECB Supervisory Chair Andrea Enria and EBA Chairperson José Manuel Campa in a joint Blog post.

2 November 2022

Banks need to be climate change proof

Banks must adapt the way they do business to account for climate-related and environmental risks. The ECB Blog takes a fresh look at their progress and the road ahead. This is the first post in a series of climate-related entries on the occasion of COP27.

19 October 2022

Which workers are most affected by changes in the policy rate?

The ECB Blog investigates how change in the policy rate affects wages very differently depending on characteristics of employees and firms, such as firms’ size and their access to credit. Results show that the effects are symmetric during times of easing and tightening.

13 October 2022

A plain-speaking central bank: contradiction in terms?

Communication is a tool that helps central banks in preserving price stability. But are central banks clear enough and properly understood? On International Plain Language Day, we look at where the ECB stands in its efforts to communicate clearly and accessibly.

28 September 2022

How do markets respond to war and geopolitics?

Russia’s unprovoked invasion of Ukraine marks the return of geopolitical risk to Europe. Here the ECB blog looks at how global stock markets reacted to this risk and what role time and distance have played.

14 September 2022

What drives inflation expectations of women and men?

Women and men shop differently and have different perceptions of prices and inflation. This ECB Blog post examines how inflation expectations are formed and revised across gender and why that matters for central banks.

24 August 2022

Can the ECB gain credibility by explaining its strategy?

Communication with the general public matters for monetary policy. Although it is hard for central banks to reach out to the wider public, a recent study shows that explaining the inflation target and the ECB strategy to consumers can enhance its credibility.

10 August 2022

The ECB’s new inflation target one year on

As part of our monetary policy strategy review we adopted a new symmetric 2% inflation target. One year on, we examine how the strategy review has helped anchor financial analysts’ inflation expectations. We also show that recent policy normalisation is grounded in our strategy.

28 July 2022

Rich non-immigrants and poor immigrants? Why it matters for monetary policy

Non-immigrants in the euro area are on average better off than immigrants in terms of wages and wealth. These differences can cause immigrants to react differently to economic shocks and changing financial conditions. As economic inequality matters for monetary policy transmission, the ECB Blog takes a closer look.

23 July 2022

Ensuring price stability

Raising interest rates is a landmark moment on our journey towards lower inflation, writes President Christine Lagarde in The ECB Blog.

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13 July 2022

Key objectives of the digital euro

It is our responsibility to preserve the integrity of the monetary and payment systems, write President Christine Lagarde and Executive Board member Fabio Panetta. A digital euro could play a decisive role in this endeavour.

8 July 2022

A catalyst for greening the financial system

The ECB is reducing the carbon footprint in its portfolio and pushing banks to better manage climate risks. Within our mandate, we incorporate climate change considerations into our monetary policy and banking supervision, say Frank Elderson and Isabel Schnabel.

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23 May 2022

Monetary policy normalisation in the euro area

As the expected date of interest rate lift-off draws closer, it gets more important to clarify the path of policy normalisation ahead of us – especially given the complex environment that monetary policy in the euro area is facing, says President Christine Lagarde in The ECB Blog.

10 February 2022

Bottlenecks and monetary policy

Looking at inflation dynamics, the relative price dislocations associated with bottlenecks are intrinsically short-term, Chief Economist Philip R. Lane writes in The ECB Blog. An increase in the relative price for a scarce item will stimulate new supply, while cooling demand.

31 December 2021

Happy anniversary to euro cash!

Europe and the euro have become inseparable, President Christine Lagarde writes in The ECB Blog to mark the 20th anniversary of euro banknotes and coins. She recalls her first encounter with a euro banknote, and reflects on how far the euro has come and what lies ahead.

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19 November 2021

The ECB’s case for central bank digital currencies

To continue playing its role as the anchor of the monetary system, central bank money will need to respond to evolving needs, says Executive Board member Fabio Panetta. This means that we must intensify the work on central bank digital currencies.

4 November 2021

Charting a course for climate action

The COP26 summit is a vital opportunity to set out a clear path towards a zero-carbon world, President Lagarde writes in a blog post. While the road ahead may seem daunting, she argues that a credible transition path will need clear signposts to break it up into more manageable stages.

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14 September 2021

The spectre of inflation

While rising inflation understandably worries people, current inflation rates should be interpreted with caution, writes Executive Board member Isabel Schnabel.

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31 August 2021

Climate change and monetary policy

The existential threat posed by climate change implies that central banks must not stand on the sidelines in the fight against global warming, writes Executive Board member Isabel Schnabel. Our ambitious climate action plan outlines how the ECB will contribute within its mandate.

19 August 2021

The new monetary policy strategy: implications for rate forward guidance

Our revised forward guidance is a fundamental step in fulfilling our commitment to 2% inflation, writes Chief Economist Philip R. Lane. He also discusses the three conditions that should be met before interest rates are raised.

27 July 2021

After the crisis: Economic lessons from the pandemic

If we make the recovery fund work and if we embed the lessons from the pandemic in the EMU governance framework, we can emerge from the crisis with a stronger economy and greater social and political cohesion, says Executive Board member Fabio Panetta in The ECB Blog.

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14 July 2021

Preparing for the euro’s digital future

We have decided to launch a project to prepare for possibly issuing a digital euro. A digital euro will be successful if it adds value for people, merchants and financial intermediaries in the euro area, explains Executive Board member Fabio Panetta in The ECB Blog.

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11 May 2021

A global accord for sustainable finance

Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member Fabio Panetta. We need international disclosure standards and principles to categorise sustainable activities.

1 April 2021

Inflation dynamics during a pandemic

The recent volatility of inflation can largely be attributed to the nature of the pandemic shock, writes Chief Economist Philip R. Lane. The increase in inflation during early 2021 does not constitute the basis for a sustained shift in inflation dynamics.

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25 March 2021

Digital central bank money for Europeans – getting ready for the future

At the ECB we are committed to understanding people’s needs and ensuring the digital euro would be widely accepted, writes Executive Board member Fabio Panetta with Ulrich Bindseil in The ECB Blog.

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22 March 2021

One year of the PEPP: many achievements but no room for complacency

Our pandemic emergency purchase programme (PEPP) has provided crucial support to euro area citizens since its launch a year ago, writes President Christine Lagarde in The ECB Blog. The PEPP has been, and remains, at the core of our pandemic policy response.

18 March 2021

Shining a light on climate risks: the ECB’s economy-wide climate stress test

The damage caused by more frequent and severe natural disasters far exceeds the costs of transitioning to a greener economy, writes Vice-President Luis de Guindos in his ECB Blog post on our first climate stress test for banks and companies.

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8 March 2021

Choose to challenge women’s roles at home, at work and in our society

One year into the pandemic, we can clearly see that the social and economic impact of the virus is particularly hard for women, writes President Christine Lagarde. In response we must choose to challenge women’s roles at home, at work and in our society.

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13 February 2021

Greening monetary policy

Climate change requires urgent action and we at the ECB must be committed to doing our part, says Executive Board member Frank Elderson. The EU Treaties define clear obligations and limits. They provide substantial scope for the ECB to take action on climate change.

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2 December 2020

Money in the digital era

The results of the ECB’s latest study on payment behaviours suggest that no single means of payment currently available meets all consumer needs, Executive Board member Fabio Panetta writes in The ECB Blog. This underlines the importance of continuing to give people a choice on how to pay.

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20 October 2020

Don’t take it for granted: the value of high-quality data and statistics for the ECB’s policymaking

Blog post by Isabel Schnabel, Member of the Executive Board of the ECB

2 October 2020

We must be prepared to issue a digital euro

We should be ready to issue a digital euro if and when it is necessary, writes Executive Board member Fabio Panetta. The euro is a currency that Europeans trust. We need to make sure that it is fit for the future.

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11 September 2020

The outlook for the euro area

Our current measures are providing crucial support to the economic recovery in the euro area, writes Chief Economist Philip R. Lane. But there is no room for complacency as inflation remains far below the aim and risks continue to be tilted to the downside.

2 September 2020

Europe needs a fully fledged capital markets union – now more than ever

The coronavirus crisis makes progress on capital markets union even more important, write Luis de Guindos, Fabio Panetta and Isabel Schnabel. In the light of the European Commission’s forthcoming Action Plan, they outline priority areas for reform to foster European capital markets.

19 August 2020

The provision of euro liquidity through the ECB’s swap and repo operations

The ECB’s swap and repo lines are essential stabilising tools in the coronavirus crisis. In a joint Blog post, Executive Board members Fabio Panetta and Isabel Schnabel explain how these tools reduce funding risks, prevent financial contagion and support the euro’s use in global transactions.

4 August 2020

The macroeconomic impact of the pandemic and the policy response

While there has been some rebound in economic activity, the level of economic slack remains extraordinarily high and the outlook highly uncertain, writes Chief Economist Philip R. Lane. Progress in containing the virus will be central in determining the size and speed of the recovery.

23 July 2020

Europe’s response to the crisis

Learning the lessons of the past, Europe has moved towards a new model for dealing with crises, writes President Christine Lagarde in The ECB Blog. We have shown that we can act quickly, adapt our institutions and lay the groundwork for forging a new Europe.

28 June 2020

Necessary, suitable and proportionate

Our crisis measures respond to the worst economic crisis in the post-war period, says Executive Board member Isabel Schnabel. They are necessary, suitable and proportionate and benefit all European citizens.

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22 June 2020

The market stabilisation role of the pandemic emergency purchase programme

Evidence shows that the policies adopted by the ECB in mid-March, including the pandemic emergency purchase programme (PEPP) and other liquidity-easing measures, have contributed to stabilising markets, writes Chief Economist Philip R. Lane.

12 June 2020

Sharing and strengthening the euro’s privilege

The goals of boosting the euro’s global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals.

5 June 2020

Expanding the pandemic emergency purchase programme

Two main factors called for further policy action, writes Chief Economist Philip R. Lane. First, the pandemic-related negative shock to inflation poses a threat to medium-term price stability. Second, while conditions in financial markets have stabilised substantially, the situation remains fragile.

1 May 2020

The monetary policy response to the pandemic emergency

In an ECB Blog post, Chief Economist Philip R. Lane discusses the macroeconomic scenarios developed by ECB staff to illustrate the possible impact of the pandemic. He also explains current monetary policy and outlines the approach to setting the future course of monetary policy.

28 April 2020

Beyond monetary policy – protecting the continuity and safety of payments during the coronavirus crisis

The ECB is working to protect the continuity and safety of payments during the coronavirus pandemic, writes Executive Board member Fabio Panetta in The ECB Blog. Europeans can trust in our commitment to support them throughout this crisis.

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22 April 2020

Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures

The ECB’s collateral easing package ensures that banks retain access to central bank liquidity at favourable terms, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel. Improved collateral availability helps banks to continue lending to the real economy.

9 April 2020

How the ECB is helping firms and households

Our response to coronavirus is designed to reach the firms and families facing a steep loss of income and rising anxiety about the future, writes President Christine Lagarde. She adds that full alignment of fiscal and monetary policies is the best way to protect productive capacity and employment.

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3 April 2020

The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19

Commercial paper purchases are key for monetary policy transmission to the real economy, explain Vice-President Luis de Guindos and Executive Board member Isabel Schnabel in The ECB Blog. They ease financing conditions for firms and help them manage short-term funding needs.

19 March 2020

Our response to the coronavirus emergency

We are committed to playing our role in supporting every citizen of the euro area through this extremely challenging time, President Christine Lagarde writes in The ECB Blog. Our temporary pandemic emergency purchase programme is designed to address the unprecedented situation our monetary union faces.

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13 March 2020

The Monetary Policy Package: An Analytical Framework

We will not tolerate any risks to the smooth transmission of our monetary policy in all jurisdictions of the euro area, Executive Board member Philip R. Lane writes in the inaugural post of The ECB Blog. The post explains the analytical framework underlying the March monetary policy measures.

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